Reported 11 months ago
On June 24, 2024, Taiwan Business Bank Chairman Wang Guifeng was prosecuted by the New Taipei City Prosecutor's Office for embezzling over 1.1 billion, facing a 15-year prison sentence and a fine of 500 million under the Banking Act and Securities and Exchange Law. Wang treated the bank as his personal cash cow, using funds for renting luxury private jets, top-notch cars, and mansions. He entertained political and business figures, including LDP lawmaker Li Dewei, with free flights on private jets abroad. Shockingly, FSC auditors leaked their report to Taiwan Business Bank, resulting in their indictment for malfeasance. Wang Guifeng, the ex-chairman, rented private planes, Rolls Royces, and luxury homes through his insurance brokerage and leasing companies, emptying 11 billion in assets. Facing charges of violating banking and securities laws, Wang and his accomplices were prosecuted by the prosecutor on June 11, with a demand for a 15-year prison term and a 500 million fine, as well as a 500 million fine for Taiwan Business Bank, causing a stir in society.
Source: YAHOO